The SBP has made another, 100bps cut in the interest rate, bringing it further down from the record levels of the past couple of years. While the rate is still relatively high at 11%, it is half of where it stood last June. The trend of reductions has been a response to the flattening of the inflation graph — the extremely high base rate means inflation has been almost stagnant this year, though most consumers have not been able to benefit much because their wages have been stagnant for several years.

However, the........

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